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election and iphone 5. and while the most searched person of the year was kim kardashian, this is according to yahoo! search engine, kate middleton and political polls also made the top ten list. so here is a simple question for you today. what dunk were the most interesting stories this year or the most interesting story, the election, the owe almost picks, the ongoing saga in greece. let us thouknow. worldwide at cnkrchlt nbcnbc.co. >>> starbucks is changing the way it pays taxes in the uk this after harsh criticism of tax avoidance from the british government. more when we come back. having you ship my gifts couldn't be easier. well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry about that. [ male announcer ] break from the holiday stress. fedex office. >>> words of caution from the bank of japan chief at forum in tokyo. the governor said central bankers need to take a long term policy perspective if they want sustainable gr
election and iphone 5. and while the most searched person of the year was kim kardashian, this is according to yahoo! search engine, kate middleton and political polls also made the top ten list. so here is a simple question for you today. what dunk were the most interesting stories this year or the most interesting story, the election, the owe almost picks, the ongoing saga in greece. let us thouknow. worldwide at cnkrchlt nbcnbc.co. >>> starbucks is changing the way it pays taxes in...
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doing precisely that. >> got through the election on social issues. on the economy, i think it's pretty clear that nobody voted for four more years of the current economy. four more years to get his house in order and he's not going to get his house in order using the red herring of taxes when it's entitlemen entitlements. it just isn't going to work, simon. >> i get it. i'm just pointing out -- >> you know what, let's take jobless claims. >> i get it. >> over the last three days, jobless claims to sustain that renewal again which i think is a bad idea, that's 30 to $35 billion a year. i heard many democrats say that's a small amount, why shouldn't we do that? that's about halfway to the total amount they're talking about taxes. but whent's that, it's small. but when it's the 70 to $80 billion am toortized over ten years, all of a sudden it's big. i'm not saying don't raise taxes. if i signed the pledge, i would do it for good reasons. i haven't seen a good reason. i haven't seen a plan that promotes the big guy in the room. >> see you in the next hou
doing precisely that. >> got through the election on social issues. on the economy, i think it's pretty clear that nobody voted for four more years of the current economy. four more years to get his house in order and he's not going to get his house in order using the red herring of taxes when it's entitlemen entitlements. it just isn't going to work, simon. >> i get it. i'm just pointing out -- >> you know what, let's take jobless claims. >> i get it. >> over the...
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Dec 4, 2012
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he was somewhat -- he was somewhat accommodating right after the re-election. he's become harder line. i agree with that point. doug, you know the numbers. once again, i ask you, does boehner's idea of capping upper end deductions work to raise revenues, heaven forbid without damaging the middle class? does it work? >> yes, absolutely it works, and, you know, it's important to recognize we have two different problems. problem number one is the fiscal cliff and threat of recession. raising any more taxes doesn't make any sense. this is politics trumping economic sense. second problem is fixing the debt and there's this debate about how much revenue, how much spending. balance means heavy on spending lighter on taxes and bowles-simpson told us the route to do that is tax reform. >> much more fun by the way to have 4% or 5% growth than to equitable about 1% or 2% growth. thank you gentlemen. we appreciate it. now to another controversy. are minorities especially latinos a lost cause for republicans and conservative principles? i say no, but our next guest star par
he was somewhat -- he was somewhat accommodating right after the re-election. he's become harder line. i agree with that point. doug, you know the numbers. once again, i ask you, does boehner's idea of capping upper end deductions work to raise revenues, heaven forbid without damaging the middle class? does it work? >> yes, absolutely it works, and, you know, it's important to recognize we have two different problems. problem number one is the fiscal cliff and threat of recession. raising...
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. >> i was so hopeful, i wasn't obviously thrilled with the election results, but i actually thought that result might be the result we needed to get thefshs done. >> in a way you you have the situation where -- >> you extend 98 but not the 2? believing that story is so -- >> either raise them on everyone or raise them on -- either it will hurt the economy if you raise taxes or it's not. on 98 it won't hurt, on 2 it will -- >> we'll have more on this argument. in the meantime, let's talk about some of the other headlines. financial firms are gathering for the goldman sachs financial services contractors. a key presenter is brian money tha moynihan. we talked about his reports of planned fee increases. plus there was the issue of president obama's likely pick to follow tim geithner at treasury. we talked about how buffett threw out jamie dimon's name. here is what moynihan thinks about that idea. >> i won't give individual names, but i think what warren is expressing a view which i agree with is that we need to have very bright, very talented and very broad experienced people help pus
. >> i was so hopeful, i wasn't obviously thrilled with the election results, but i actually thought that result might be the result we needed to get thefshs done. >> in a way you you have the situation where -- >> you extend 98 but not the 2? believing that story is so -- >> either raise them on everyone or raise them on -- either it will hurt the economy if you raise taxes or it's not. on 98 it won't hurt, on 2 it will -- >> we'll have more on this argument. in...
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Dec 10, 2012
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but he told us that's not going to happen, and he got re-elected. what does it matter? it doesn't raise a lot of money. why didn't he just say that we're taking the able of social security to 6, cutting the military budget. the democrats will be committing political suicide and the republicans. that's why i was hoping that congress would rise above and figure out a more reasonable way to spend less and take in more money over time and get the budget over time. the moronic cliff doesn't hurt. what do we need? i have to use his words because it's like a curse word. compromise. it used to be the american way. compromise, that's considered to be sinking below. you know i favor higher stock prices, that's my mantra. i'm not sure that cutting all these programs quickly, that's what the quick jump would do is the way to get to higher stock prices, austerity means that tax hikes will go higher. unlike the rest of the 98%, you won't hurt the market as much as if you make everybody pay. the 2% save more and the 98% spent more. but what really hurts is no deal at all. the presiden
but he told us that's not going to happen, and he got re-elected. what does it matter? it doesn't raise a lot of money. why didn't he just say that we're taking the able of social security to 6, cutting the military budget. the democrats will be committing political suicide and the republicans. that's why i was hoping that congress would rise above and figure out a more reasonable way to spend less and take in more money over time and get the budget over time. the moronic cliff doesn't hurt....
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Dec 8, 2012
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you won the election, mr. obama. we'll get the middle class tax cuts. we'll get the upper class tax hikes. get the capital gain and the dividends and the estates. you can only tax hike. that's what senator rand paul said last night. i'm starting to think that's the only way out. otherwise we're going into january, february,march and whatever. >> i think that's the best solution. it's a great chess move. let them do whatever they want and let's test the results. let's see what happens when you do it. then the mid-term elections will roll around and they'll be in great shape. the republicans will get voted in. another plan. you got spending up here, revenue down here. we got to narrow that gachlt they should make it clear to the democrats, pick any number of revenue increase you want. remember the spending cuts number has to be greater. let's see them live with that. >> that's the thing, mark. just to follow up on that. such an important point. everyone is obsessed with the taxes. taxes are very important. no one is talking about spending cuts. no one is
you won the election, mr. obama. we'll get the middle class tax cuts. we'll get the upper class tax hikes. get the capital gain and the dividends and the estates. you can only tax hike. that's what senator rand paul said last night. i'm starting to think that's the only way out. otherwise we're going into january, february,march and whatever. >> i think that's the best solution. it's a great chess move. let them do whatever they want and let's test the results. let's see what happens when...
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Dec 5, 2012
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the anticipation is they want to get re-elected. they understand the republicans now have detectors. again, the market is saying we with believe in you. don't screw this up. >> all right. you have to get ready for the next hour. >> huge show coming up. timothy geithner at the top of the hour. we're going to find out what's changed since the sunday shows he was doing interviews on. anton, ben, see you soon. i'll see you at the top of the hour. >> capital gains rates are probably going to go up. does that hurt the market as well? >> we've seen a lot of companies sell themselves. it's been a problem in the banking industry because loans have been paid off. they want to grow loans. people are taking control and repaying their loans. i think it's already been anticipated. >> you've had a hot hand trading this market lately. what are you doing, especially bearing in mind we have a jobs number on friday. >> i'm a little concerned on the adp numbers. this is generally the weakest of the year. that's probably baked in a little bit. i think w
the anticipation is they want to get re-elected. they understand the republicans now have detectors. again, the market is saying we with believe in you. don't screw this up. >> all right. you have to get ready for the next hour. >> huge show coming up. timothy geithner at the top of the hour. we're going to find out what's changed since the sunday shows he was doing interviews on. anton, ben, see you soon. i'll see you at the top of the hour. >> capital gains rates are...
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Dec 7, 2012
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look what happened after the election. the stock is up over 1,000% since going up in august. take that, facebook. >> well said, jane. thank you very much. all right. so could legalizing marijuana help dig us out of our financial hole? let us bring in the executive director of the national organization for the reform of marijuana laws, known better has normal. any input into the financial benefits of the impact of tax revenue and the benefit of simply putting fewer people into jail for carrying a dime bag of pot around. >> of course. in the united states 850,000 people a year are arrested for marijuana. that's about 100,000 people in jail. the windfall savings from not having to arrest, prosecute, imprison, and pee test these individuals, the savings runs into the $10 billion to $15 billion according to the economist at harvard university. of course, the tax revenue, whether it's from the licenses or the sales tax in the state of washington alone, they're look at $540 million to $600 million. >> $540 million to $600 million a year. this is terrifying, allen. in 1966, cops arre
look what happened after the election. the stock is up over 1,000% since going up in august. take that, facebook. >> well said, jane. thank you very much. all right. so could legalizing marijuana help dig us out of our financial hole? let us bring in the executive director of the national organization for the reform of marijuana laws, known better has normal. any input into the financial benefits of the impact of tax revenue and the benefit of simply putting fewer people into jail for...
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Dec 7, 2012
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andrea merkel has to get elected in the second half of next year. that's going to make it difficult for any pro-growth solutions to appear in europe. i think, frankly, i'm not that confident that the market hasn't already positively priced in a fiscal cliff resolution. i think the first half is like a bungee jump. >> so dan, cut through all of that, right. if we could put aside trying to forecast where the s&p is going to be, where the dow is going to be, regardless of where the markets in general are going to be, i believe you have stock picks for us. name what they are and will they be able to perform regardless of the macro environment? >> all right. we are focused on. companies that can grow regardless of what happens in the economy. three stocks we like, one is denbury resources. what's interesting about them is they have hedged their forward sales of oil so the lowest they're going to receive is $80 next year. at those rates, they're going to be a very profitable company. it's a very inexpensive stock. we like that. it's a u.s. oil producer as
andrea merkel has to get elected in the second half of next year. that's going to make it difficult for any pro-growth solutions to appear in europe. i think, frankly, i'm not that confident that the market hasn't already positively priced in a fiscal cliff resolution. i think the first half is like a bungee jump. >> so dan, cut through all of that, right. if we could put aside trying to forecast where the s&p is going to be, where the dow is going to be, regardless of where the...
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we just had an election all about this. why does not white house figure that these kinds of appearances are helpful when both sides positions are pretty well locked in already? >> because this president and this white house have concluded that public pressure is what will make republicans bargain with him and deal on his terms. after the private grand bargain negotiations in the summer of 2011, they concluded they weren't simply going to do it behind closed doors with republicans. president went out and campaigned. he hammered republicans beginning in the fall of 2011. he won the election and he was trying to keep the pressure on to get them to bargain. >> all right, john har wood, thank you very much. >> let's stay in washington but capitol hill now, keeping a close eye on the negotiations, among the key congressional leaders. what the update, amman? >> well, there is total radio silence about the meeting between boehner and obama at the choice yesterday. we are told to expect that boehner will brief top republican leaders
we just had an election all about this. why does not white house figure that these kinds of appearances are helpful when both sides positions are pretty well locked in already? >> because this president and this white house have concluded that public pressure is what will make republicans bargain with him and deal on his terms. after the private grand bargain negotiations in the summer of 2011, they concluded they weren't simply going to do it behind closed doors with republicans....
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again our two fiscal cliff portfolios for the first time since the election of november 6th, they are betting we will not go over the fiscal cliff interestingly enough. right now the dow up just 15 points as we head towards the close. much more to come on the second hour of "closing bell." >>> and it's that time of day. it's 4:00 p.m. here on wall street. maria will be back in the seat tomorrow. as the clock winds down to the fiscal cliff deadline, this is how we're finishing on wall street. at this stage it looks like we got a gain of only 14 points for the dow. obviously we were higher than that, not much more but were higher earlier in the day. the nasdaq up by only eight points and the s&p finishing up by just a trickle of positive. well, ticktock. the market is closed. seems to be waiting once again for some clear signal on what's going to happen with regards to the fiscal cliff. how can you make money in the final trading sessions of the year amongst all this uncertainty? >> we have definite answers coming with our panel. back with us nathan bachrach from the financial network.
again our two fiscal cliff portfolios for the first time since the election of november 6th, they are betting we will not go over the fiscal cliff interestingly enough. right now the dow up just 15 points as we head towards the close. much more to come on the second hour of "closing bell." >>> and it's that time of day. it's 4:00 p.m. here on wall street. maria will be back in the seat tomorrow. as the clock winds down to the fiscal cliff deadline, this is how we're finishing...
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Dec 4, 2012
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at the lowest level since president obama was re-elected. just now under that $1,700 mark. what's behind the sell-off and is this a buying opportunity? let's start talking futures now. let's start with you, you and rich have been bitten by the gold bug. are you ready to throw in the towel here? >> jackie, i'm not ready yet. usually when you see a day the dollar is as weak as it is, gold is higher. what's happening today is you're seeing a lot of profit taking on gold. it's not profit taking because we're up 9% on the year. traders are worried that some deal with the fiscal cliff will call for higher capital-gains taxes so traders are getting out of their gold positions before that might take effect. >> so profit taking, meantime, rich, what is dipping below the $1,700 mark mean? is that really the right level to be watching? >> well, we gave you the level $ $ $1,706. you're looking at $1,672. every trader will tell you it is a big level here, a close below that and there's more pain. in fact, let's watch today's close, in one hour, if we close below $1,700 i think there's m
at the lowest level since president obama was re-elected. just now under that $1,700 mark. what's behind the sell-off and is this a buying opportunity? let's start talking futures now. let's start with you, you and rich have been bitten by the gold bug. are you ready to throw in the towel here? >> jackie, i'm not ready yet. usually when you see a day the dollar is as weak as it is, gold is higher. what's happening today is you're seeing a lot of profit taking on gold. it's not profit...
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this move is likely to bring the country forward to elections next year. the italian prime minister has offered no clue as to whether or not he will run and it comes after sylvia berlusconi declared over the weekend he would throw his hat in the ring for the job of premier. carolyn ross is in italy following the details there. can you walk us through the time frame here? when are we expected monte to step down? what happens next? >> good morning to you, kelly. here is the time frame for you. over the next few weeks, we're expecting the budget stability law to be passed. neither of the political parties will want to be blamed for bringing down the stability of italy, so they will pass that over the next week. once that is passed, mr. mon at the said he would step down. that will happen likely around new year's. and then the president will have to dissolve the parliament and between 45 and 70 days after the parliament is dissolved, new elections will take place and that probably takes us to february 2014. and, kelly, that is two months before the actual elec
this move is likely to bring the country forward to elections next year. the italian prime minister has offered no clue as to whether or not he will run and it comes after sylvia berlusconi declared over the weekend he would throw his hat in the ring for the job of premier. carolyn ross is in italy following the details there. can you walk us through the time frame here? when are we expected monte to step down? what happens next? >> good morning to you, kelly. here is the time frame for...
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Dec 3, 2012
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before we got really wrapped up in the election we were wringing our hands on how the earnings season was not coming out very well. i think when we start paying attention to earnings again it will be a problem. >> coming up next is dell really a buy? our traders will make the call on whether this beaten down tech stock is back from the brink. it could be called the ultimate fiscal cliff trade. find out which investment americans are pouring into. much more straight ahead. if you think running a restaurant is hard, try running four. fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. music is a universal language. but when i was in an accident... i was worried the health care system spoke a language all its own with unitedhealthcare, i got help that fit my life. information on my phone. connection to doctors who get where i'm from. and tools to estimate what my ca
before we got really wrapped up in the election we were wringing our hands on how the earnings season was not coming out very well. i think when we start paying attention to earnings again it will be a problem. >> coming up next is dell really a buy? our traders will make the call on whether this beaten down tech stock is back from the brink. it could be called the ultimate fiscal cliff trade. find out which investment americans are pouring into. much more straight ahead. if you think...
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he wasn't happy with the 2012 elections. do you think conservatism just didn't make the case in the elections last november? >> we always have to do a better job at how we speak about liberty, the constitution and how inclusive it is and how it offers things to people who have not yet experienced the fruits of liberty. so i think we can always do a better job. what i will say about jim demint is he has started and brought some liberty-minded libertarian/conservatives to the senate. we have a pretty good caucus now. there's a real strong jim demint influence in our caucus. >> great stuff. senator rand paul, kentucky, thank you sir. all the best. >> thank you. >>> so besides praising jim demint, senator rand paul said something very interesting. he said he will not vote for a filibuster. he said, let larry reid, no filibust filibuster, 51 vote, simple majority and then he will vote no and let the democrats have the onus of the big tax hike. quite interesting. now here's a political threat. is the republicans at risk of becomin
he wasn't happy with the 2012 elections. do you think conservatism just didn't make the case in the elections last november? >> we always have to do a better job at how we speak about liberty, the constitution and how inclusive it is and how it offers things to people who have not yet experienced the fruits of liberty. so i think we can always do a better job. what i will say about jim demint is he has started and brought some liberty-minded libertarian/conservatives to the senate. we...
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Dec 4, 2012
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to happen and we can stop worrying about it and the markets will avoid crashing with the inevitable election of president kardashian. >> the policies coming out of that administration may be better than the ones right now. >> that was hash tag smooth on that political rant. >> personal hygiene. lindsay lohan bounce. >> you don't have to worry about personal hygiene. don't shower that morning. what is the difference. >> die smelly? >> you guys have a loincloth around the house? >> i hope guy does practice personal hygiene until the 20th. >> exactly. >> jane, good to see you. jane wells joining us from the west coast. next on fast is the smart phone revolution just getting started? the most closely watched is making a bold prediction and getting a lot of play on twitter. we have your tweets next. a passionate belief, and the foundation on which merrill lynch has been built. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life
to happen and we can stop worrying about it and the markets will avoid crashing with the inevitable election of president kardashian. >> the policies coming out of that administration may be better than the ones right now. >> that was hash tag smooth on that political rant. >> personal hygiene. lindsay lohan bounce. >> you don't have to worry about personal hygiene. don't shower that morning. what is the difference. >> die smelly? >> you guys have a loincloth...
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they were set to go forward with some primaries which is what the center left did to elect their candidate. and now that berlusconi has abruptly announced that he's going back, that tells you there is a lot of tension. he's trying to define the support, enough support in order to have some say in parliament even after the elections. an apparently he probably was not able to get that within his own party. as far as the situation overall is concerned, we did see the spread go higher and there are concerns. the minute you touch this jittery topic of the politics here in italy, the market gets very, very concerned. so what has come out officially by the president of italy is that he's officially not calling a consultation for monti at this point. his statement last night was that he wants parliament to act responsibly and sensibly. so right now he's just making this warning. so so at this point, there is not a crisis in the government, but the pdl dismantling the party and creating tension. >> claudia, who at the moment is -- which of parties would get the most seats in terms of polls and stuf
they were set to go forward with some primaries which is what the center left did to elect their candidate. and now that berlusconi has abruptly announced that he's going back, that tells you there is a lot of tension. he's trying to define the support, enough support in order to have some say in parliament even after the elections. an apparently he probably was not able to get that within his own party. as far as the situation overall is concerned, we did see the spread go higher and there are...
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media reports suggesting opposition party could win a solid majority the next election. so what is the -- on the yen side of that trade, what are you forecasting? >> the market is aware of that and the opposition party if they do win, they could pressure the boj to try to do more in qe and that would tend to weaken the yen. so the yen is a carry trade back into play over the last one month and shorts have increased significantly over the last one month. so i think that as well as the better macro story in asia has led to quite a few carry trades against the yen and the yuan being one where it has outperformed the yen significantly over the past two, three months. >> south korea sort of dumping a lot of the currency in november, trying to slow the rally. are they going to be anymore successful than they have been? >> it's a mixture of that as well as attempts to reduce speculative lays on the forward so they have for example reduce d the cap on swaps outstanding. but i think players are a mixture of real players and if you do believe that the global economy is on a better
media reports suggesting opposition party could win a solid majority the next election. so what is the -- on the yen side of that trade, what are you forecasting? >> the market is aware of that and the opposition party if they do win, they could pressure the boj to try to do more in qe and that would tend to weaken the yen. so the yen is a carry trade back into play over the last one month and shorts have increased significantly over the last one month. so i think that as well as the...
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in italy, you do have elections coming up. there's a chance getting a higher share than people anticipate. but even then, the financial forces are going to force any government that comes into power to more or less stick to the plan morsi set out. on the other hand, there's always spain, the worries that with 25% unemployment, that you would see the default rate particularly on residential mortgages shoot up, it's 3% now, which is pretty amazing given the struggles within the economy, but we think it will go up somewhat, but really not any more than people have already priced in. >> and then ten year yields, 5.24%. at the moment, relatively speaking, pretty comfortable. >> maybe a little bit too comfortable and we certainly don't want to get complace complacent.yields are where they were say in march of this year and then subsequently they shot up to 7.5%. we know with the draghi put that that won't happen, but we don't want to think that there is only one way -- >> yesterday said, look, sort of the idea of the risk on phrase,
in italy, you do have elections coming up. there's a chance getting a higher share than people anticipate. but even then, the financial forces are going to force any government that comes into power to more or less stick to the plan morsi set out. on the other hand, there's always spain, the worries that with 25% unemployment, that you would see the default rate particularly on residential mortgages shoot up, it's 3% now, which is pretty amazing given the struggles within the economy, but we...
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after the election, the risk that the market basically these two portfolios are traching each other are perfect mirror images here. they were betting at this point we were going to go over the cliff. in other words the -- over the cliff portfolio was the outperformer until today. they have crossed. so now it's gone lower. we hit the cliff and avoid it is going higher at this point. two things to watch for this week. we got all that treasury paper coming to market here. the yield has moved higher. but we'll see what happens there. then the other thing is natural gas at a two-month low and moving lower because of all the warm weather in the markets now. nat gas subpoena in fact we come off this low here. with the market up 20 points here, what do you make of this -- of our model portfolio fiscal cliff portfolios? >> i was very surprised that it crossed today. i mean, with very little activity, very little movement on pretty much any stock that it crossed today. i was surprised with that. i'm becoming a little more convinced that we're not going to have any resolution at all. i thought the
after the election, the risk that the market basically these two portfolios are traching each other are perfect mirror images here. they were betting at this point we were going to go over the cliff. in other words the -- over the cliff portfolio was the outperformer until today. they have crossed. so now it's gone lower. we hit the cliff and avoid it is going higher at this point. two things to watch for this week. we got all that treasury paper coming to market here. the yield has moved...
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i respectfully disagree that the only democrats got elected in the past election. there was still a majority in the house of representatives republican that would return to office they ought not take ownership of something that will reduce jobs and growth. they ought not to do that or they'll be responsible for what happens in the next four years. let the democrats have their tax increases and you'll see what happens. >> as you speak, we have a fiscal cliff countdown clock right beneath you, 27 days and 12 hours. gentlemen, appreciate your time. thanks so much. >> thank you. governors gilmore and davis. >>> let's get to brian sullivan with the market flash. brian? >>> perhaps not happy here, carl, pby is falling today. they swupg to a third quarter loss. you can see the stock is down 13%, $6.8 million loss, basically 13 cents per adjusted share of a loss. wall street was expecting a prof profit. sales fell 2.4% quarter over quarter. of course the whole autoparts phase with a lot of action around this name, pby has been stuck in an $8 to $12 range for the better par
i respectfully disagree that the only democrats got elected in the past election. there was still a majority in the house of representatives republican that would return to office they ought not take ownership of something that will reduce jobs and growth. they ought not to do that or they'll be responsible for what happens in the next four years. let the democrats have their tax increases and you'll see what happens. >> as you speak, we have a fiscal cliff countdown clock right beneath...
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i think there is still a widespread belief following the german elections that debt burden is going down in the official sector, just a matter of how much. >> gina sanchez, this is live tv of course. good to have you back up and running. we have climbed the wall of worry many, many times. quite often when we climb that wall of worry we miss out on gains. is there something different this time around? are the worries justified or are we going to miss out? >> well, generally our view is that we're going to get to the end of the fiscal cliff with a resolution but that it is going to be turbulent up until that point. and so we're probably going to climb a wall of worry there. i think the issue on europe though is one that we basically -- i agree with brian, we've put europe to the back burner and probably some time at the second half of next year it is going to crop back up as an issue. but you could see, for example, the sort of classic january bounce or we think actually fiscal cliff could be pushed into january by the time they actually finally get a resolution. kicking the can may be a c
i think there is still a widespread belief following the german elections that debt burden is going down in the official sector, just a matter of how much. >> gina sanchez, this is live tv of course. good to have you back up and running. we have climbed the wall of worry many, many times. quite often when we climb that wall of worry we miss out on gains. is there something different this time around? are the worries justified or are we going to miss out? >> well, generally our view...
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the administration is playing what it believes to be a stronger hand here essentially coming off the election, melissa, they think they have the power here and also the polls are in their favor. we'll talk about that tomorrow when we talk about the cnbc all america survey. >> steve, thanks for that interview. exclusive with secretary geithner. let's pop and drop. canadian pacific railway up 4%. >> we didn't talk about this railroad but we talked about some of the railroads that might benefit from the strike. this is not a factor from that. the railroads are rallying. >> got a pop here for the ishares china 2025. jim? >> china broke out. a lot of people looking for ways to expose it. the china ftse. this is a place i think we're goings higher. >> gnat gas up 4%. >> got a beth of a boost. also from companies wanting to get a little more gassy. >> oh. >> well, they are. they want to get some of this natural gas offshore and i still like it. >> grasso? >> i bought mc, i bought ac steel and i bought big steel, leonard x. i've already sold all three. i've clipped my profit. i'm done for now. if the
the administration is playing what it believes to be a stronger hand here essentially coming off the election, melissa, they think they have the power here and also the polls are in their favor. we'll talk about that tomorrow when we talk about the cnbc all america survey. >> steve, thanks for that interview. exclusive with secretary geithner. let's pop and drop. canadian pacific railway up 4%. >> we didn't talk about this railroad but we talked about some of the railroads that...
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after we got the bounce on the 19th, there are several sectors doing far better than where they were on election. >> that's true. you know what? we've been so focused on the fiscal cliff, we haven't thought about the jobs number coming out tomorrow. what do you expect? >> i expect it to be nothing that's going to
after we got the bounce on the 19th, there are several sectors doing far better than where they were on election. >> that's true. you know what? we've been so focused on the fiscal cliff, we haven't thought about the jobs number coming out tomorrow. what do you expect? >> i expect it to be nothing that's going to
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we thought we'd have elections march/april, there's the prospect it could be a snap election much earlier perhaps in the new year. now the good news is there isn't a huge amount of blowout on the bonds at the short end of the italian markets. the yields are higher but not huge relative to where we've been but on the ten-year italian market you can see we're slightly higher but no great shakes overall. it means the rally in the peripheral bond market we've witnessed in italy and spain has now stalled at this stage. remember we had the auction in spain yesterday and the yields are slightly higher relative to where we've been, they're still relatively depressed. we talk about the problems in europe, i thought it was worth pointing out amidst all the malaise what is happening in germany today an astounding manufacturing german manufacturing orders result from germany up 3.9% in october, a phenomenal performance from german industry and it's worth bearing in mind that german industry is basically in a single currency that is too low arguably for what it should be at. the deutsche mark would ha
we thought we'd have elections march/april, there's the prospect it could be a snap election much earlier perhaps in the new year. now the good news is there isn't a huge amount of blowout on the bonds at the short end of the italian markets. the yields are higher but not huge relative to where we've been but on the ten-year italian market you can see we're slightly higher but no great shakes overall. it means the rally in the peripheral bond market we've witnessed in italy and spain has now...
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i think we still need to get through the election or the post election haze. i would say that -- to everybody, listen, we're no longer running for office here. this is about getting back down to brass tacks and figuring out how to solve it. >> which side is not campaigning anymore? >> you've got to listen to who's not talking. i think that's -- in washington, it's always who's not talking. >> we haven't really heard much from senate leadership. >> so that's where our deal gets carved out? >> well, when you start to hear some things from the senate leadership, then you'll know we're getting close to getting something done. and right now they're sending out minions and talking about things that i think are really, you know, staking out claims so they can say they've done that for their constituencies. but it's time right now for the moderates on both sides to step up. for those that are not necessarily at risk of losing elections in the near term to step up and say, listen, just like the leaders said earlier in the program. this is a math problem. it's really no
i think we still need to get through the election or the post election haze. i would say that -- to everybody, listen, we're no longer running for office here. this is about getting back down to brass tacks and figuring out how to solve it. >> which side is not campaigning anymore? >> you've got to listen to who's not talking. i think that's -- in washington, it's always who's not talking. >> we haven't really heard much from senate leadership. >> so that's where our...
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. >>> now over to japan, where election timing may spell budget delays. we have the story from tokyo. >> the election campaign has officially kicked off in japan, but there are worries the budget is not likely to be ready pi the end of this year. they will likely call a special session to elect a new prime minister, then select a cabinet before moving on to budget matters. once they reconvene in january, the new government would likely pass the supplementary budget first before submitting its fiscal 2013 plan in february. so a senior lawmaker predicts that the fiscal 2013 budget will not actually pass until mid may. that's more than a month into the new fiscal year. and if the government can't get the job done by the end of march, a provisional budget will be needed. opinion polls show the gap between the ldp and the ruling democratic party has been narrowing. that means if the ldp can't get their majority, these bills could be delayed even more. back to you, ross. >> all right, thanks for that. that's the late fres the nikkei. still to come, the business
. >>> now over to japan, where election timing may spell budget delays. we have the story from tokyo. >> the election campaign has officially kicked off in japan, but there are worries the budget is not likely to be ready pi the end of this year. they will likely call a special session to elect a new prime minister, then select a cabinet before moving on to budget matters. once they reconvene in january, the new government would likely pass the supplementary budget first before...
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the storm and the election. staying with clothing, vera bradley -- well, handbags. those shares also tanking and they are blaming sandy as well but also noted their holiday season is off to a slow start. jeffri jeffries raising the tart fro tm $22 to $20. not all bad news. finisar, higher demand for tranceivers. what else? the stock down 17% year to date. finally, zynga. take a look at shares. they are up nearly 7% because they filed for a gambling license. that is right. the virtual game company wants to become a real poker company. let's bring in julia boorstin with more on this zynga story. seems like if they get it, a completely transformative thing. >> it would be transformative and zynga's definitely pushing forward with its plans to eventually make money from online gambling but the key thing here is that this is really a ways off. the stock soared as much as 9% higher this morning after it came out that zynga applied for real money gaming license in nevada which the company says will take as much as 18 months to get approved. but we have to remember that onl
the storm and the election. staying with clothing, vera bradley -- well, handbags. those shares also tanking and they are blaming sandy as well but also noted their holiday season is off to a slow start. jeffri jeffries raising the tart fro tm $22 to $20. not all bad news. finisar, higher demand for tranceivers. what else? the stock down 17% year to date. finally, zynga. take a look at shares. they are up nearly 7% because they filed for a gambling license. that is right. the virtual game...
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sandy, the election, holiday workers. you say three asterisks. >> yeah, i think it has to have three asterisks, it doesn't fit in with initial claims and other items. they said sandy had no impact on the number. i think that may be because the number was basically taken before the impact was held. i think they're going to see a lot of revisions here. >> next week setting up. it's going to be another big one. same store sales from various companies and, of course, the fed. >> the fed is important. it's another one of those two-day meetings. they're going to take down operation twist. this will be important because he gets to announce at a press conference. that gives them a chance to explain what the mood of the meeting was. it will give them a chance to hear what the new proposal, qe whatever, is supposed to do and how they want to set it up. so i think the markets will hone in on that very, very carefully. >> do you think we see an acceleration of purchases, a revamp of twists? will there be an event as i said earlier? >
sandy, the election, holiday workers. you say three asterisks. >> yeah, i think it has to have three asterisks, it doesn't fit in with initial claims and other items. they said sandy had no impact on the number. i think that may be because the number was basically taken before the impact was held. i think they're going to see a lot of revisions here. >> next week setting up. it's going to be another big one. same store sales from various companies and, of course, the fed. >>...
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we thought it would be weak during an election year. there's a whole body of academic evidence that public policy certainly does impair it. but we were stunned as early as the first quarter of this year to see the tech sector, ibm, talking about flat revenue growth in the u.s., and there we think there's a level of cap-ex that has just been foregone because of this public policy uncertainty that, even in a semistable environment, it should rebound a bit. and that could be a big driver for profit growth in '14. >> you point out that your sector positioning, you say it's cautious, but you are upping technology to overweight. underweighting domestic cyclical. if cap-ex is a phenomenon next year why would you not be more highly leveraged to that? >> well, we think that first of all, the numbers, and the valuations, look fully played out. we think they still have housing market euphoria. and, have looked at things like consumer confidence going up, at least until friday, as a result of house prices stabilizing. for us, that's the reason why
we thought it would be weak during an election year. there's a whole body of academic evidence that public policy certainly does impair it. but we were stunned as early as the first quarter of this year to see the tech sector, ibm, talking about flat revenue growth in the u.s., and there we think there's a level of cap-ex that has just been foregone because of this public policy uncertainty that, even in a semistable environment, it should rebound a bit. and that could be a big driver for...
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but blacks -- let's see. 95% of african-americans voted for president obama in this last election. what do you make of that? what does that tell you? >> well, the first thing we have to start looking at is what it's going to take for us to get the respect of both parties, and that comes down to us being a people that are principled over anything else. we have 95% of any race that would vote for a person or party, it kind of helps them to be taken for granted. at this point, what does the democratic party have to do to win our vote? actually, just be around. so it's time for us as a people to start putting our principles first. i think we should be ashamed of ourselves in certain areas, those who decided that the education is so important to them, they have a passion for it. why would you vote for a person who decides the union is much more important for them. >> in other words, school choice. i'm going to read from the notes. you tell me if i'm wrong. but this is tough stuff. you say in your notes, obama is the most aggressive anti-black policymaker in modern history. that's tough
but blacks -- let's see. 95% of african-americans voted for president obama in this last election. what do you make of that? what does that tell you? >> well, the first thing we have to start looking at is what it's going to take for us to get the respect of both parties, and that comes down to us being a people that are principled over anything else. we have 95% of any race that would vote for a person or party, it kind of helps them to be taken for granted. at this point, what does the...
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>> you would have to elect romney to do that. you're not going to extend the bush tax cuts for the high end. >> for another minute. >> not even for a milliseconmil. >> the republicans want to bargain away and let taxes go up by the end of the year and have the big negotiations occur next year when the president will want even more increases in taxes. >> let me ask a different question and it's sort of the -- >> and then we got to go. >> here's the opportunity for the president to eclipse the whole thing, i don't think he's going to but he could eclipse the whole scene. let's not relitigate '01 and '03 let's bridge to tax reform and move forward. the senate democrats not answering their phones are the ones to ask about this one. >> congressman, thank you for being on. >>> the final countdown to the jobs report. stick around. ♪ ♪ mom? dad? guys? [ engine turns over ] [ engine revs ] ♪ he'll be fine. [ male announcer ] more people are leaving bmw, mercedes and lexus for audi than ever before. take advantage of exceptional valu
>> you would have to elect romney to do that. you're not going to extend the bush tax cuts for the high end. >> for another minute. >> not even for a milliseconmil. >> the republicans want to bargain away and let taxes go up by the end of the year and have the big negotiations occur next year when the president will want even more increases in taxes. >> let me ask a different question and it's sort of the -- >> and then we got to go. >> here's the...
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because markets are concerned that the new government would be elected on february 24th, that this new government will not be implementing the austerity measures that mr. monti has implemented over the last couple months. but is this concern actually warranted? well, if you speak to a number of analysts, well they'll say, no, because if you look at the opinion polls you'll see that the party which will most likely win, that's the democratic party. and he said, or the leader said, look, we're going to stick to the austerity measures that were implemented by monti. >> carolyn roth for us in rome tonight. coming up, jcpenney ringing up discounts. what this dramatic change in pricing strategy spells out for its ceo ron johnson and his future. and of course, the stock, we'll be right back. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with
because markets are concerned that the new government would be elected on february 24th, that this new government will not be implementing the austerity measures that mr. monti has implemented over the last couple months. but is this concern actually warranted? well, if you speak to a number of analysts, well they'll say, no, because if you look at the opinion polls you'll see that the party which will most likely win, that's the democratic party. and he said, or the leader said, look, we're...
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they have an election every two years and they got elected again and they've got constituents that sent them there for a reason. and then you've got the president would is just -- you know, just being hammered by the left on not caving this time around because he got so much grief the last time. this is setting up for us to go over the cliff, isn't it? what do you think? do we go over it or not? >> yeah, it is very difficult. and i feel bad for john boehner. he's in a difficult situation. i did want to remind john that he should look at the young, newer members that are so difficult to persuade to make an easy deal compromise. and remember, it wasn't too many years ago, john, that was you and me and we were driving bob michael and president bush nuts when the democrats were offering them, give us the tax increases now, we'll give you the spending cuts later and we were saying, oh, no, they'll never keep their word on the spending cuts. they'll tax the tax increases. quite frankly, the speaker has a difficult role to play here. he's seen by so many people as the principal guardian of our
they have an election every two years and they got elected again and they've got constituents that sent them there for a reason. and then you've got the president would is just -- you know, just being hammered by the left on not caving this time around because he got so much grief the last time. this is setting up for us to go over the cliff, isn't it? what do you think? do we go over it or not? >> yeah, it is very difficult. and i feel bad for john boehner. he's in a difficult situation....
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campaigned and won on a platform of higher taxes for the wealthy and the republicans say they were elected because they pledged to behind the scenes power broker grover norquist they would never raise taxes, it certainly seems that the impasse cannot be solved and we got to -- go over the cliff. not only do the hard liners refuse to rise above partisanship in order to avoid a government man-dated recession, which is what it's amounted to doing, but we can't even get them to promise no vacation without legislation! >> boo! >> they not only seem mean-spirited, petty, reckless, and angry down there in washington, they're also slothful. have you ever been able to say to your boss, walk in, you know, hey, man i know i've got a huge project due, one that could bring down the whole company, but darn it all, hey, see you later, sport, i'm taking a vacation. i'm out of here! not only do i advocate no vacation without legislation, i want to know, a new one for you. a litmus test. i want to know which of these bitter politicians have tickets in their pockets to fly out of washington next week. i'm no
campaigned and won on a platform of higher taxes for the wealthy and the republicans say they were elected because they pledged to behind the scenes power broker grover norquist they would never raise taxes, it certainly seems that the impasse cannot be solved and we got to -- go over the cliff. not only do the hard liners refuse to rise above partisanship in order to avoid a government man-dated recession, which is what it's amounted to doing, but we can't even get them to promise no vacation...
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>> the president himself kourg the election said 2 1/2 to one. now his proposal last week has $1.6 trillion in tax increases, $400 billion in spending cuts and another $200 billion in spending, plus an unlimited ability to borrow and raise the debt limit >> you'd be okay with 2 1/2 to 1? >> the bowles-simpson was about 3 to 1. frankly i don't think it's a revenue problem. i don't want to go over revenues. but you know, if we could get a deal that would put the country on a sound fiscal footing and change this trajectory that we're on, there perhaps could be some republican support for it. i'm not sure where i would come in. >> the -- part of the cliff that bothers you the most is that you'd like to do something with the sequester? or, if we were to sunset all the bush tax cuts? that would -- >> that would go -- republicans want to get rid of the deficit. that almost cures the deficit. and that was the rates that we had at one point. and they were supposed to sunset. and i guess there's never a good time. but what if they all sunsetted and you did
>> the president himself kourg the election said 2 1/2 to one. now his proposal last week has $1.6 trillion in tax increases, $400 billion in spending cuts and another $200 billion in spending, plus an unlimited ability to borrow and raise the debt limit >> you'd be okay with 2 1/2 to 1? >> the bowles-simpson was about 3 to 1. frankly i don't think it's a revenue problem. i don't want to go over revenues. but you know, if we could get a deal that would put the country on a...
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i think businesses are holding back partly because of the election, which is now passed obviously. and the fiscal cliff. i still believe that we're going to end up kicking the can down the road. i think there's lots of pent-up demand in the economy so we're not going to go into a recession. in fact, i think next year we could see some acceleration. one of the key ways to see this is just to look at auto sales for november. they surged to 15.5 million. every time we have a dip in demand because of sandy or something else, we come back. this economy is super resilient and i think we'll be able to go over the cliff or go through the cliff without having a recession. >> i hope you're right. my concern is that you are absolutely wrong. actually the economy is slowing to stall speed and markets could correct badly on the news moving forward. we learned this week that manufacturing contracted in november for the first time in three months. we had analysts on the program talking about the channel checks indicating softness for a second month and today goldman has downgraded growth in the f
i think businesses are holding back partly because of the election, which is now passed obviously. and the fiscal cliff. i still believe that we're going to end up kicking the can down the road. i think there's lots of pent-up demand in the economy so we're not going to go into a recession. in fact, i think next year we could see some acceleration. one of the key ways to see this is just to look at auto sales for november. they surged to 15.5 million. every time we have a dip in demand because...
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i think the bottom line is that the president, there's wind in his sails from the election and he feels like he ought to be able to squeeze a heck of a lot out of them. and he's playing hardball. and the cost is that as you folks have noted, we definitely absolutely 100% will go into a recession if they fail. and by playing chicken like this, what the president is doing is telling people right now in december to stop their economic activity because there's this scary thing that might happen if the coin flip comes up. so i think that eat big problem right now. >> i initially read the "new york times" piece about boehner gaining some backing of the house. it's basically saying the guys that wouldn't have gone along with them before in caving are now ready to careful with them. so it's like the same article. >> i think it's 50/50 that we don't get that. i'm not exactly sure that the president doesn't think that if we question over the cliff, that he can blame that on republicans. and then try to fix it next year. but from a position of money. >> secretary geithner said they're ready to go
i think the bottom line is that the president, there's wind in his sails from the election and he feels like he ought to be able to squeeze a heck of a lot out of them. and he's playing hardball. and the cost is that as you folks have noted, we definitely absolutely 100% will go into a recession if they fail. and by playing chicken like this, what the president is doing is telling people right now in december to stop their economic activity because there's this scary thing that might happen if...